Key Points:
- Ferrari will start accepting cryptocurrencies for its car payments in the US.
- The luxury carmaker plans to expand this feature to Europe by 2024.
- Ferrari has teamed up with BitPay to handle transactions in Bitcoin, Ether, and USD Coin without extra fees.
Luxury carmaker Ferrari has announced it will start accepting cryptocurrencies for its high-end sports cars in the United States. The brand is also planning to extend this payment option to European markets.
Ferrari's move into the cryptocurrency space was confirmed by Enrico Galliera, the company's Chief Marketing and Commercial Officer, in a report published by Reuters on October 13th.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
How to Create an NFT: Easiest Way (Animated Explainer)
According to Galliera, the decision to accept digital currency was spurred by both market demand and requests from its dealership network. The client base showing interest in this payment option notably includes younger investors who have embraced the crypto boom.
Although the number of cars expected to be sold through crypto transactions was not disclosed, Galliera pointed out that Ferrari's order book is already fully booked through 2025.
Looking to tap into an expanding market, the luxury carmaker aims to roll out cryptocurrency payments in Europe by the first quarter of 2024 and eventually extend this to other regions that are receptive to digital currencies.
For the United States rollout, Ferrari has collaborated with BitPay, a well-known cryptocurrency payment processor. This partnership will facilitate payments in Bitcoin (BTC), Ether (ETH), and USD Coin (USDC).
Galliera assured that using cryptocurrencies would not cost extra fees or surcharges. BitPay will handle the immediate conversion of cryptocurrencies to fiat currency, shielding Ferrari's dealers from the volatility associated with digital currencies. Additionally, BitPay will ensure that the digital currency used in transactions is legitimate and not linked to illegal activities or money laundering.
Ferrari is entering the cryptocurrency market by offering payment options in digital currencies for its American customer base. Partnering with BitPay for smooth transactions, the luxury automaker plans to expand this payment feature to Europe by 2024.
